Raymond James 2012 Global Airline Conference

1. Raymond James 2012 Global Airline Conference
February 2nd 2012

2. Disclaimer
• This notice may contain estimates for future events. These estimates merely reflect the expectations of
the Company’s management, and involve risks and uncertainties. The Company is not responsible for
investment operations or decisions taken based on information contained in this communication. These
estimates are subject to changes without prior notice.
• This material has been prepared by Multiplus S.A. (“Multiplus“ or the “Company”) includes certain
forward-looking statements that are based principally on Multiplus’ current expectations and on
projections of future events and financial trends that currently affect or might affect Multiplus’ business,
and are not guarantees of future performance. They are based on management’s expectations that
involve a number of business risks and uncertainties, any of each could cause actual financial condition
and results of operations to differ materially from those set out in Multiplus’ forward-looking statements.
Multiplus undertakes no obligation to publicly update or revise any forward looking statements.
• This material is published solely for informational purposes and is not to be construed as a solicitation or
an offer to buy or sell any securities or related financial instruments. Likewise it does not give and should
not be treated as giving investment advice. It has no regard to the specific investment objectives,
financial situation or particular needs of any recipient. No representation or warranty, either express or
implied, is provided in relation to the accuracy, completeness or reliability of the information contained
herein. It should not be regarded by recipients as a substitute for the exercise of their own judgment.
2

3. Multiplus is a growing loyalty network
Network connecting people and companies
around 9 mln 20.0 bln almost 170
members points sold in 3Q11 partnerships
+17.0% YoY +38.5% YoY +26.3% YoY
points from several programs in positive network effect powerful support for partners to
one single account generating strong growth acquire and retain clients
Multiplus Exclusive and Strategic Relationship with TAM
2009: spin-off from TAM’s loyalty program Long term agreement (15 years + additional 5 year periods)
2010: launched as separated business unit and IPO Most desired airline in Brazil (Ibope Research) and Star Alliance member
TAM SA holds 73,2% stake Air tickets: most appealing redemption with high value perception
Note: based on 3Q11 3

4. Innovative business model
Strong cash generation Low CAPEX requirement
Negative working capital Scalable business
Debt free Dividend player
Sources of Profit
(Joint Venture)
outsourcing and CRM
points selling
$ services
redemption
unit revenue less unit cost
$ spread
point expiration
$ breakage
# of months 0 ~10 24
CASH IN CASH OUT
~10 months float
$ interest income
4

5. Growing coalition network…
Magazine
Air Travel Travel Agency Gas Stations Bookstore Hotels Telecom Pay-TV Apparel Education
Suscriptions
Insurance Stock Exchange
Members can collect and also redeem points
in any coalition partner.
Stock Broker Drugstore
Real Estate
Universities e-Commerce
Beauty and Furniture and
Gym Food Home Centers Groceries Cargo Car Rental Group Buying Pension Plan
Healthy Decoration
Note: blank slots refer to targeted segments
5

6. … and strong accrual and growing redemption network*
Accrual Redemption
Charity
Hotels Financial Institutions
Leisure
Car Rental Retail and others
Other
Magazines and Newspapers
*non exhaustive
6

7. Strategy: to diversify gross billings and redemptions
Gross billings of points what?
to diversify gross billings
Current Long term target and redemptions
24%
why?
3%
• Average unit price increase
• Average unit cost reduction
15 to 20%
73% • Controlled breakage decline,
favoring member experience
TAM Retail, Industry and Services Banks and volume growth
Costs of rewards
Long term margin expansion
Current Long term target
how?
98%
• Expanding partnerships
network
2% 15 to 20%
• Increasing marketing actions
• Improving client experience
Air Tickets Others
Note: based on 3Q11
7

8. Expanding partnerships network
New partnerships Expanding partnership network
# +26.3%
+4.3%
Drugstore Group buying
166 161 168
151
133
7 12 15 19 20
Pension Plan Car Rental
3Q10 4Q10 1Q11 2Q11 3Q11
Total Coalition
NOTE: Some partnerships with bad performance were canceled in 2Q11.
Tickets Charity
Increasing non-airline redemptions
As % of total points redeemed
3,2%
2,0%
Roadmap
0,8% 0,8% 0,9%
Groceries, entertainment, restaurants,
beauty, others.
3Q10 4Q10 1Q11 2Q11 3Q11
NOTE: it includes points issued before 2010 (TAM’s inventory)
8

9. Increasing marketing actions
Media investments Expanding member base
Together is so much better. Together is Multiplus. In millions
+17.4%
+3.7%
On board videos TV commercial
8,6 8,9
8,0 8,3
7,6
Press media 3Q10 4Q10 1Q11 2Q11 3Q11
Radio spots, etc
Growing gross billings
R$ millions
32.4%
+12.1%
Point-of-sale materials 397,3
325,2 339,9 354,6
300,0
3Q10 4Q10 1Q11 2Q11 3Q11
(collect points here)
9

10. Improving client experience
Point of Sale
Accrual and balance checking at the point-of-sale
• spread the loyalty concept
• speed up the capillarity strategy penetrating new market segments
• increase sales in retail market
Standard rule: 1 Real ($) = 1 Multiplus point
Special rules allowed (such as minimum ticket) adding more value to the partner
Multiplus as one product of Redecard’s sales team
New website coming soon Other actions
Call Center improvements
Educational mailings
Systems improvements
10

11. Loyalty market has multiples growth opportunities
Expanding credit card usage in Brazil Increasing domestic consumption
Credit Card Transaction Value (R$ billions) Personal Consumption Expenditure (R$ billions)
CAGR +22% CAGR +12%
2,226
1,966
1,787
314 1,594
256 1,429
215
174
142
2006 2007 2008 2009 2010 2006 2007 2008 2009 2010
Source: ABECS Source: IBGE
Growing passenger traffic (Airline Segment) Improving wealth distribution
RPK in Brazil (billions) 23% Social classes in Brazil* (% of the population)
Multiplus’
target
70
57
48
44
40
2003 2014
2006 2007 2008 2009 2010
Source: ANAC Values updated for 2010 Source: Social Policies Center of FGV-Rio
*Note: Average income of classes D and E - R$ 6,126/year; class C - R$13,944/year; and classes A and B - R$ 75,942 /year.
11

12. Thank you.
Strong cash generation Low CAPEX requirement Contact IR team
+55 11 5105 1847
Negative working capital Scalable business invest@multiplusfidelidade.com.br
www.multiplusfidelidade.com.br/ir
Debit free Dividend player